A few suggestions:
1. Don't use the overworked "typical" weaknesses unless they truly apply to you. These include "I'm a workaholic," and "I can get irritated when people aren't as productive as I am."
2. Use true weaknesses, but explain how you recognized the weakness and took actions.
Example: "I used to assume that everyone had the same level of responsibility and follow-through that I did, which resulted in some missed joint deadlines. I learned to require interim checkpoints, and communicate with people frequently who have yet to prove that they can deliver on time."
Example: "I used to greatly prefer working alone vs. in teams since I knew I could depend on my work getting done well. Since then I have learned how to mentor and coach others, and interact effectively so that everyone reaches the finish line together. So now I work equally well alone or in teams."
[Note that these are really not terrible "faults," like "I have a chronic lateness problem" or "The last place fired me for drinking on the job." Such things will get you booted out of the potential job very quickly.]
In short, plan for this question (and the "strengths" question) well in advance.

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